IC 24-7-1-5 — Prohibited agreements; disguised consumer credit sales
Chapter 1. Application
Bills amending this section
Section text
Sec. 5. (a) Rental purchase agreements involving: (1) motor vehicles (as defined in IC 9-13-2-105(a)), including: (A) component parts (as defined in IC 9-13-2-34); (B) major component parts (as defined in IC 9-13-2-95); and (C) any other parts (as defined in IC 9-13-2-122) other than: (i) wheels; (ii) rims; and (iii) tires; necessary to operate a motor vehicle; (2) other titled property; or (3) live domestic animals (as defined in IC 34-30-30-1); are prohibited under this article. (b) If the director determines that a transaction described in IC 24-7-2-9(a) involves the application of subterfuge for the purpose of avoiding the application of the Uniform Consumer Credit Code (IC 37-2), the director may treat the transaction as a disguised consumer credit sale that is subject to IC 37-2. A determination by the director under this subsection: (1) must be in writing; (2) shall be delivered to all parties in the transaction; and (3) is subject to IC 4-21.5-3.
As added by P.L.138-1990, SEC.3. Amended by P.L.2-1991, SEC.85; P.L.63-2001, SEC.5 and P.L.134-2001, SEC.5; P.L.213-2007, SEC.28; P.L.217-2007, SEC.27; P.L.176-2019, SEC.28; P.L.115-2026, SEC.36.
Source: official publisher (2026 edition)